UPDATE; Cygnal faces "viability issue", seeks bankruptcy protection

MARKHAM – Telecom supply and services company Cygnal Technologies announced today announced it is “initiating a court-supervised restructuring in order to restore its financial health,” reads its release, and will seek bankruptcy protection. Cygnal sought an order under the Companies' Creditors Arrangement Act (CCAA) in a hearing before the Ontario Superior Court of Justice Wednesday morning. If granted, the order will cover the company and its subsidiaries Cygnal Technologies Ltd. and Accord Communications. In a release issues this afternoon, the company announced the court did, in fact, grant the order.The order will not cover cable, wireless and telecom industry supplier White...